Misys downsizes U.S. add-on term loan B, adds euro loan tranche

By Sara Rosenberg

New York, Nov. 19 - Misys plc reduced its U.S. add-on term loan B due Dec. 1, 2018 to $140 million from $200 million and added a €50 million term loan B due Dec. 1, 2018 to the deal, according to a market source.

Additionally, the offer price on the term loan B debt was revised to par from 991/2, the source said.

Pricing on the fungible U.S. add-on term loan is Libor plus 400 basis points with a 1% Libor floor, and pricing on the euro term loan is Euribor plus 425 bps with a 1% floor, the source continued.

Both tranches have 101 soft call protection until June 1, 2014.

Amortization is 1% per annum and the debt includes a maximum total leverage covenant.

Bank of America Merrill Lynch, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and Jefferies Finance LLC are the lead arrangers on the deal.

Proceeds will be used to repay a holding company loan that was issued with the merger with Turaz in January 2012.

Commitments are due at noon ET on Wednesday.

Misys is a London-based provider of application software and services for the financial services industry.

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